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Inventory Check:

It's big news!!! The market has dropped off in the Tampa Bay area. Let's take a look at this big drop off.

In January 2010 there were 1,450 sales of single family homes in MLS. Median sale price of $130,000, built in 1982 and 1,602 sf.

In January 2009 there were 1,419 sales of single family homes in MLS. Median sale price of $128,000, built in 1979 and 1,553 sf.

We had an increase in MLS sales. There could be a decrease in recorded sales in public records if they are only counting recordings which include bank recordings taking back the property. In that case, last year was higher than this year. It looks like a slightly older and smaller home sold in 2009 vs 2010. Although minimal, it could be considered a small decrease. But from a realistic standpoint, that is relatively stable.

I have noted a decrease in total sales on an appraisal by appraisal basis, however sale prices appear to be holding and new listings coming on the market have decreased. This is normal for this time of year. I expect sales to pick back up over the next two months. 

Also noted, I have been seeing for sale by owners having more success. Unfortunately, the lenders will not let the appraiser use these without verification of an outside source. Usually the buyers are reluctant to give out any information.

FYI - Info for 2008 only 1,112 sales with a median of $193,400, 1,694 sf, built in 1984. Now that is a decrease!

As of January 21, 2010 there are 16,247 homes listed in the Tampa Bay area and 3,080 of these are reflected as vacant in MLS. Average list price is $328,141 and 2,032 sf of living area, price per square foot of $144.97. 5,033 homes are pending. The pending sale percentage is 31%.  This was expected for the time of year. With 16,247 homes on the market and 23,351 homes sold over the past 12 months we have 8.3 months inventory. Unfortunately due to the way the MLS system was recently changed, I can't get an accurate reading of distressed properties, however at current it reflects 4,991 of the 16,247 listings. It is actually higher than this. 

The next few weeks will be a sign of things to come. Sales should start picking up again going into the second quarter of 2010.

Please e-mail with any target areas of the bay area you would like to see.

paul.amirto@associatedappraisalgroup.com

As of December 15, 2009 there are 16,414 single family homes listed and 4,839 pending in the Tampa Bay area with 4,777 homes in some type of foreclosure stage and 3,231 of all single family listings are vacant. 6,148 homes have sold over the past 90 days. For the past 30 days there have been 1,859 sales with a median sale price of $140,000, 1,620 sf, $87.93 per sf.

As of November 17, 2009 there are 16,478 homes listed in the Tampa Bay area and 3,299 of all single family listings are vacant. Average list price is $337,098 with an average of 2,045 sf of living area, average price per square foot of $157.20.  5,908 homes are pending. The pending sale percentage is 35.8%.  A slight slow down going in to the holidays. This is typical. With 16,478 homes on the market and 22,595 homes sold over the past 12 months we have 8.8 months inventory.

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Paul Amirto has over twenty years of residential appraising experience. We require all of our appraisers to have a minimum of 5 years experience and each case is assigned to the most experienced appraiser to best handle your individual assignment. If you need a report to base a fair asking price, we will assign an appraiser that also has sales experience, if you are going through a divorce, we will assign to the appraiser that has court experience, etc. We guarantee you will not be disappointed!

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